Why would a multifamily investor let a tenant live where he is for many months without paying rent?

Good question.

When something like this happens it means that there is a mistake in the owner’s management company. A proper management company would not let a tenant live there for months without paying rent.

Most likely the owner is self managing. The owner probably wanted to avoid paying a property management company and then made the extremely bad decision to manage the asset himself.

He also probably did not properly vet the tenant looking to see they had a job and way to pay rent. As a result of these bad decisions the owner made, the tenant is now obtaining free rent.

Sometimes owners feel they don’t have time this month to deal with a tenant that is not paying rent but this is a bad habit. Problems should be dealt with soon or they become larger problems over time.

The owner needs to quit managing his own property and let a professional management company take over. They will be able to speak with the tenant to come to an arrangement or find a new tenant.

The new investors that do the best in multifamily don't look for apartments. Instead, they look to find experienced apartment investors that will let them invest into their deals. Being a limited partner you will avoid all the problems a general partner faces.

You then can focus on your core business or work and make more money to invest. If you are the type of person that wants to do things the easier and more efficient way, I created a group that can help you learn how to invest.

My group, the Benjamin Z Miller Investor Networking Group, meets every Sunday on Zoom. I created this group for new and experienced investors to network and make more contacts.

If you don’t know the market and are trying to act as a general partner, I can’t even tell you how many problems this will give you compared to being a limited partner that does not take on that responsibility.

Try and avoid investing in multifamily in states where the tenants have more ways to make problems for you. It is much more difficult being a landlord in New York compared to Texas. Texas is a landlord friendly state.

If you would like to learn more about multifamily investing, you should join the Benjamin Z Miller Investor Networking Group.
Once you attend one of the Sunday meetings you will receive a Google Sheets document with the phone and email of the other investors that attended.

From there you can reach out to numerous multifamily investors. I also am good friends with some of the best well known multifamily investors so if you need an introduction to a particular investor in some cases I can help you.

Before you do any investing you should invest more time and money in your financial and legal education. I offer education and training to landlords, engineers, doctors and dentists, and many others that would like to learn how to enjoy the benefits of multifamily as quickly as possible. If that sounds interesting contact my office by going to www.benjaminzmiller.com and fill out the contact form.

You also can register at meetup.com at the link below:

https://www.meetup.com/benjamin-z-millers-investor-networking-group/

I hope that helps and good luck with your investing!


Benjamin Z Miller
www.benjaminzmiller.com
1-817-203-4160
[email protected]
https://www.linkedin.com/in/benmillersells/
https://twitter.com/BenjaminZMiller


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